§480E-9 Distressed property lease. (a) A distressed property lease shall be in writing and shall fully disclose:
(1) All rights and obligations of the distressed property lessor and distressed property lessee;
(2) The exact terms of the agreement between the distressed property lessor and distressed property lessee;
(3) The exact period of time the distressed property lease is to be in effect; and
(4) The total amount and terms of compensation to be directly or indirectly received by the distressed property lessor.
(b) Distressed property lessees shall be afforded all rights under the landlord-tenant law of the State. No distressed property lease shall provide a distressed property lessee with rights less than those provided by the State's landlord-tenant law as set forth in chapters 521 and 666.
(c) The first page of a distressed property lease shall contain in a type size no smaller than fourteen-point boldface type:
(1) A description of the distressed property;
(2) The name, street address, and telephone number of the distressed property lessor; and
(3) The name and address of the distressed property lessor to which lease or rental payments, correspondence, and notices are to be mailed.
(d) A distressed property lease shall be dated and signed by the distressed property lessor. If the distressed property lessor is a person other than an individual, the individual executing the distressed property lease on behalf of the distressed property lessor shall identify the title and office held by the individual.
(e) A distressed property lease shall be dated and signed by all lessees of the distressed property.
(f) The distressed property lessor shall provide each distressed property lessee with a copy of the distressed property lease immediately upon execution by all parties to the distressed property lease. A distressed property lease shall not be effective until all parties to the distressed property lease have signed the lease. [L 2008, c 137, pt of §2]
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